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Federal input screens

Screen TPW-2 - Tax Projection, Page 2 (1040)

Overview

Use this screen to enter taxes, credits, payments, and alternative minimum tax information for the Tax Projection Worksheet.

Qualified Business Income Deduction (QBID)

Use this section to enter deductible amounts for qualified business income deductions.
To prevent the calculation of the qualified business income deduction for next year, enter a force amount. The amount you enter here overrides the amount calculated from data in the Qualified Business Income Deduction (QBID) section.
The deductible amounts for qualified business income deduction must be calculated on an individual activity basis. Use the fields in the statement to enter information for each individual activity. Each line will be treated as an individual activity.
  • Description:
     This field will be used as the activity name and reported on the Qualified Business Income Deduction (QBID) Worksheet.
  • Qualified Business Income:
     Enter qualified business income defined in Code Sec. 199A(c).
  • W-2 Wages:
     Enter the amount of W-2 wages paid by the activity as defined in Code Sec. 199A(b)(4).
  • Qualified Property:
     Use this field to enter the amount of qualified property as defined in Code Sec. 199A(b)(6).
  • Specified Service Business:
     Mark this field if the activity is a specified service business within the meaning of Code Sec. 199A(d)(3). This will be used on the QBID Worksheet to apply the limitations for such businesses.
  • QBI Allocable to Cooperatives:
     Enter the portion of qualified business income that is allocable to certain agricultural and horticultural cooperative.
  • Wages Allocable to Cooperatives:
     Enter the amount of wages allocable to certain agricultural and horticultural cooperatives.
UltraTax CS will use the data in these fields to calculate the Federal TPW – Qualified Business Income Deduction (QBID) worksheet applying any applicable phase out and income limitations.

Taxes, Credits and Payments

Use this section to enter tax, credit, and payment projections.
Next year’s tax calculates automatically using next-year tax rate schedules, including the alternative minimum tax on capital gains, if applicable. Use this field to override this calculated amount, if needed.
Use this field to adjust the calculated amount if there is any tax in the current year from the recapture of an education credit. The amount of current year recapture of an education credit doesn't default to the next year column. For more information, see Tax Projection Worksheet tax rates and inflation-adjusted amounts (1040)
Enter the allowed amount of American Opportunity Credit and Lifetime Learning Credit allowed for next year. UltraTax CS doesn't apply the AGI phase out or limit the credit to the statutory amount.
Enter the amount for household employment taxes if it differs from the current year household employment taxes.
Enter the amount of 1st-time homebuyer credit repayment if it's expected to differ from the current year due to an expected sale or other event that may impact the amount.
The self-employment taxes calculate based on projected net self-employment earnings. Enter an amount in this field to force the calculated self-employment tax.
Enter the amount of any additional taxes if it differs from the current year additional taxes.
Enter the amount of income tax withheld if it differs from the current year income tax withheld. Enter
1
 in the
Calculated income tax w/h
 field to use income tax withheld that equals the calculated projected tax, or enter
2
 to use income withheld that equals the calculated withholding based on W-4 allowances. Data in that field will override any data entered in the
Income tax withheld
 field.
Enter
1
 in this field to have the Tax Projection Worksheet use an amount of tax withheld that equals the calculated projected tax, or enter
2
 to use income withheld that equals the calculated withholding based on W-4 allowances. If this field is blank, UltraTax CS defaults to any amount in the
Income tax withheld
 field, located in the Taxes, Credits and Payments section of this screen, or current-year amounts. Data in this field will override any information entered in the
Income tax withheld
 field.
Next year's projected earned income credit calculates automatically. Enter an amount in this field to override this calculation. For more information, see Tax Projection Worksheet tax rates and inflation-adjusted amounts (1040)
Next year's projected additional child tax credit calculates automatically. Enter an amount in this field to override this calculation. For more information, see Tax Projection Worksheet tax rates and inflation-adjusted amounts (1040).
Enter the amount of Adoption Expense Credit allowed for next year. UltraTax CS enters the amount as an "Other Credit" applied against alternative minimum tax. It doesn't apply the AGI phase out or limit the credit to the statutory amount.
By default, the TPW projects next year’s tax using “Kiddie Tax” rules if Form 8615 was used to calculate tax in the current year and the taxpayer’s age will be under 24 next year. Use this field to override the default. Example: Form 8615 wasn't filed in the current year but will be next year (or vice versa). This field isn't available if the taxpayer will be older than 23 next year.
By default, the Tax Projection Worksheet – Form 8615 (Kiddie Tax) projects next year’s unearned income using the Tax Projection Worksheet Next Year wages, business income/loss and farm income/loss and penalty on early withdrawal of savings and adjusted gross income. Data in this field reports on line 1 of the Tax Projection Worksheet – Form 8615 (Kiddie Tax).
By default, the Tax Projection Worksheet – Form 8615 (Kiddie Tax) uses the current year Form 8615 directly connected itemized deductions. Data in this field reports on line 2 of the Tax Projection Worksheet – Form 8615 (Kiddie Tax).

Alternative Minimum Tax

Use this section to enter information to calculate the alternative minimum tax for next year. Data from other input screens isn't used to calculate an alternative minimum tax for next year.
If you don't want to calculate the alternative minimum tax for next year, enter a force amount in this field. The amount you enter here overrides the calculated amount.
Enter the amount of state / local tax refund if it's different from the calculated Tax Projection Worksheet, Page 1, Line 4 amount.
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